The banking sector has an extensive and significant global presence, with several financial organisations controlling trillions of dollars in assets. Notably, many of the world’s major banks are owned by larger bank-holding corporations, with them owning one or more banks in addition to providing financial services.
This gives them a strategic edge by providing a diverse portfolio of financial institutions, enabling them to boost the overall stability of the banks they own and strengthen their resilience and competitiveness in the worldwide market.
Interestingly, as of June 20, 2024, India’s largest bank, HDFC Bank, has climbed back to the top ten banks in the world in terms of market capitalization, with its stock rising over the previous month following a 13% rise. This confirmed its status as India’s largest bank following its merger with its parent business, Housing Development Finance Corp., in July 2023.
Advertisement
Explore | Top 10 most valuable companies in the world by market cap in 2024
As we list the top 10 largest banks in the world, one must know they play a significant role in the global economy. As dominant financial institutions, they serve as the backbone of the international financial system, facilitating trade, providing business loans, and offering a wide range of financial services to millions of customers worldwide.
The top 10 largest banks in the world by market cap in 2024:
Here’s a table enlisting the world’s top ten largest banks in 2024, ranked by their market caps (as of June 28, 2024).
| Rank | Bank Name | Headquarters | Country | Market Cap |
| 1 | JPMorgan Chase | New York City | USA | $571.95 billion |
| 2 | Bank of America | Charlotte | USA | $306.94 billion |
| 3 | ICBC | Beijing | China | $267.34 billion |
| 4 | Agricultural Bank of China | Beijing | China | $203.75 billion |
| 5 | Wells Fargo | San Francisco | USA | $200.18 billion |
| 6 | China Construction Bank | Beijing | China | $185.56 billion |
| 7 | Bank of China | Beijing | China | $173.98 billion |
| 8 | HDFC Bank | Mumbai | India | $164.51 billion |
| 9 | HSBC | London | UK | $162.85 billion |
| 10 | Morgan Stanley | New York | USA | $155.74 billion |
Source: companiesmarketcap.com
*Please note: Market capitalisation is dynamic and fluctuates with a company’s share price and can change significantly over time or even within a single trading day. The market capitalisation mentioned is recorded as of June 28, 2024.*
Advertisement
1. JPMorgan Chase: $571.86 billion
JP Morgan Chase, USA
JPMorgan Chase & Co., an American financial holding company headquartered in New York City, is the largest US-based bank in terms of market cap and the fifth-largest bank in the world in terms of total assets. It is also one of the largest corporations in the world and a leading player in investment banking and financial services globally.
2. Bank of America: $308.83 billion
Bank of America, USA
Headquartered in Charlotte, North Carolina, Bank of America has a substantial investment banking, wealth management, and trading presence, making it the second-largest bank in the world, with $288.96 billion in market capital. It is also one of the largest companies in the world, ranking fifth globally.
3. Industrial and Commercial Bank of China (ICBC): $260.80 billion
ICBC Bank, China
ICBC offers a wide range of financial services, including consumer banking, corporate banking, and investment banking. It is the largest Chinese multinational bank, headquartered in Beijing, and the third largest bank in the world, with a market cap of $260.80 billion. The bank continues to steadily remain near the top, along with the likes of Bank of America, and is also the fourth-largest company in the world, considering its total assets.
4. Agricultural Bank of China: $147.41 billion
Agricultural Bank of China, China
Headquartered in Beijing, China, the Agricultural Bank of China is the second-largest bank in China and the fourth-largest bank in the world, with a market cap worth $147.41 billion. Playing a crucial role in supporting China’s agricultural sector, the bank offers diverse financial services globally, hence being ranked as the ninth-largest company in the world in terms of total assets.
Advertisement
5. Wells Fargo: $205.73 billion
Wells Fargo, USA
Headquartered in San Francisco, USA, Wells Fargo is a diversified, community-based financial services company with a market cap of $205.73 billion. One of the top five banks in the US and one of the largest banks in the world as per market cap, it serves more than 70 million customers, providing banking, investment, and mortgage products and services.
6. China Construction Bank (CCB): $166.19 billion
China Construction Bank, China
A multinational bank headquartered in Beijing and the seventh-largest company in the world, in terms of total assets, China Construction Bank is the sixth-largest bank globally in terms of market capital, boasting about $166.19 billion. It has a significant influence on China’s construction and infrastructure projects and is one of the leading commercial banks in China.
7. Bank of China: $171.35 billion
Bank of China, China
One of the oldest banks in China and the Chinese majority-owned bank, the Bank of China, has the aim of maintaining the stability of the currency’s value and promoting economic growth in the country. It initially began its operations in Hong Kong and is now headquartered in Beijing, China, and is the seventh largest bank in the world by market cap.
8. HDFC Bank: $153.01 billion
HDFC Bank, India
As of July 2023, HDFC Bank has merged with its parent company, HDFC Ltd. (a leading housing finance company), to become one entity, making it currently the largest bank in India and the eighth largest bank globally. When it comes to market capitalization, HDFC Bank is the third-valuable company in India, with a current market value of $153.01 billion. The bank has a strong presence in retail and corporate banking, offering a wide range of financial products and services.
Advertisement
Know | Top 10 most valuable Indian companies by market cap in 2024
9. HSBC: $163.95 billion
HSBC, UK
Hong Kong and Shanghai Banking Corporation (HSBC), which initially started in Hong Kong and Shanghai, is now headquartered in London, United Kingdom. This banking group ranks as the ninth largest bank in the world as per the market cap, with a current value of $163.95. An international banking and financial services organisation, HBSC provides financial products and services while now also expanding its personal banking customer base.
Morgan Stanley: $155.58 billion
Morgan Stanley, USA
HQ in New York, Morgan Stanley is one of the leading global investment banks and financial services providers based in the United States. Offering a variety of investment banking, securities, wealth management, and investment management services, it is one of the ten largest banks in the world as per market cap and value of $155.58 billion currently. In a recent development, the firm announced a collaborative venture with Mitsubishi UFJ Financial to go into foreign exchange trading and enable Japanese research and equities businesses to serve a global consumer base.